What Type of Assets Are You Looking to Manage?

Question 1

Q A

How Much Should I Spend on Asset Management Software?

For micro-businesses with less than 10 employees: From £25 per user per month to £75 per user per month.

For small businesses with 11 to 50 employees: From £50 per user per month to £100 per user per month.

For medium-sized businesses with 50 to 250 employees: From £75 per user per month to £399 per month.

For large businesses with 250 to 500 employees: From £75 per user per month to £599 per month.

For Enterprise businesses with 500+ employees: From £75 per user per month to £999 per user per month.

Implementation costs will depend on the complexities of your requirements.

Micro and small businesses typically should aim to spend no more than a few days on implementation.

For medium to large businesses, implementation will vary from 2 weeks to 24 weeks.

The decision on how much to budget or spend on software is linked with:

The complexity of your asset operations - the cost will be higher if you need more customisations and configurations for your business
The importance of good asset management to your businesses - If you need a common system for all the users to access asset data then the costs will be lower compared to having your asset management processes and asset data in the system
The digital skillset of your users - Teams that are used to working with software tend to keep data clean and pick simple systems which lower the costs

Just to be clear, the above are indicative guidelines. We know micro businesses who have spent £150,000 on software and enterprise businesses who have spent £15000. If you have specific questions, feel free to chat with us using the chat window in the right corner.

Question 2

Q A

Should I Pick My Asset Management System Based on How It Looks?

Software interface design lies in the eyes of the software user - beauty lies in the eyes of the beholder.

How software looks is subjective. We recommend you pay close attention to how the software functions with your processes and how easy it is to navigate within the software.

The example that may be relevant here is - How a hammer or a screwdriver looks is less relevant to how it functions. Similarly, how the software looks (in our opinion) is far less important than how it works for your business.

First-time software buyers quite often fall for good interface design than how it works. The key aspect to focus on is to pick an Asset Management Software that drives better communication between your teams.

Question 3

Q A

How Can Asset Management Software Help Make Better Operational Decisions?

Compared to using spreadsheets, Asset Management Software (if implemented correctly) will deliver the following;

An accurate asset register: You'll know the status, location, and user of all your assets
A relationship between your assets: Visibility of asset interdependencies will give you a framework to control and improve your asset management processes
Alerts and reports on your asset management: Giving you data-based facts about your assets

To take quick operational decisions, businesses typically lack trustworthy data and there is more reliance on gut-based operational decisions. With an asset management system, you can make quick decisions using both good data and your gut.

Data-based decisions quite often get buy-in from all levels of the organisation - helping asset managers to implement their operational decisions effectively.

Question 4

Q A

How Much Does Asset Management Software Cost?

The cost of Asset Management Software can vary depending on multiple factors. Including features, software type, and business size. As well as how many assets a business has. Prices vary from free models to enterprise products, which can cost more than £5000 a month.

Businesses also need to consider the costs associated with the deployment of Asset Management Software. Including:

Monthly fees
Start-up/Set-up costs
Installation costs
Staff training
Hardware purchases

The cost of Asset Management Software also depends on the vendor and their product. For example, some vendors will offer a variety of pricing options depending on business size and budget. Such as Asset Panda, Invgate assets, and Manageengine Assetexplorer. Whereas other vendors model their prices for more enterprise operations. Like Infor EAM and Asset Infinity.

Question 5

Q A

How Do I Convince Top Management To Buy Asset Management Software?

The fastest way to get approval to spend on an asset management system is to link your management’s KPIs with Asset Management Software.

By management, we don’t just mean the person you report to, but all the people who are 3 levels from you in the management team.

Below are some examples of linking management’s KPIs with Asset Management Software:

1) We can increase productivity by 3 to 5% if we do not spend time finding information about assets. Currently, we spend too much time finding information rather than taking actions. An asset register can help us to be more productive.

2) We can save 5 to 15% in asset replacement costs if we extend asset life by 15%. This can be done through planned and preventative maintenance of critical assets. Currently, we are mainly reactive with our asset maintenance. Asset Management Software can help us to reduce asset changeover costs.

The above are very generic examples. Your statements need to be very specific to your KPIs and your industry.

Here are 5 key reports that you get from an asset management system, these reports may be useful to link back with your KPIs.

Once you have linked the KPIs, the next step is to constantly communicate the importance of an asset management system to your organisation.

Below are some of the tactical ways to drive attention to the asset system:

Gauge the landscape via informal communication with your management
Book one-to-one meetings with the person you report to and formally talk about the need for an asset management tool. Take a soft approach with your positioning, this is the best time to present/talk about hitting KPI’s by using the software.
Be data-oriented and data-led; let your management see the improvement in numbers
Build scenario’s on what success looks like with an asset management tool
Be frequent about your messaging on hitting KPIs with the asset management tool
Internal email follow-ups are very important. Well-structured internal follow-ups can drive up the approval you are looking for.
Share success stories, use case studies from software provider’s websites to validate your suggested strategy
Try ‘Before’ and ‘After’ Asset Management Software Scenarios
We know we’re being repetitive here, but link your management’s KPI with Asset Management Software

Question 6

Q A

I’m Not Sure If Asset Management Software Is Right For Us - Where Should We Start?

It might be an idea to go over the details of what you’re not sure about. Typically, the unsureness falls into the following categories:

Unsure if you need software at all
Unsure about the exact features you need from the software
Not sure about which software to buy
Unsure if the software would get used by your company

If you are using pen and paper to manage your assets and processes then it may be an idea to use spreadsheets or digital notepads instead (hopefully this gives you some clarity for point 1).

If you are using spreadsheets to manage assets and are unsatisfied, then typically a simple asset management App might be a good starting place (this gives more clarity for point 1).

Which features you need depends on your industry and your current setup. Feel free to chat with us (the chat window should be on the lower right of your screen) and we may be able to clarify the features you need (this should help with point 2).

We have written a comprehensive and practical guide to buying the right software (that covers point 3).

On point 4, we recommend starting with a very simple setup. Just to let you know, a simple setup is actually very hard. It takes a lot of focus and critical thinking to set up a simple system. Most companies throw their current process on new software and that’s where the complexity starts. Instead, revisit your processes and see if you can simplify them - if it's simple it will get used. Our favourite example is Google - It has one field to search and that’s it.

You can always chat with us or call us if you have specific questions.

Question 7

Q A

How to Negotiate and Get the Best Deal on Your Asset Management Software

Almost all software buyers focus on price as a core negotiation factor.

Whilst price is always important, two other factors are equally as important; implementation and support.

Implementation is like plumbing, done correctly and you won’t notice its presence. But, we all know what happens if the plumbing is not right.

Whilst price negotiation is always the core focus, the ideas below can full-proof your Asset Management Software project and help strive to get you a good deal:

Get your software implemented by the most experienced project manager.
Agree to be a beta tester for a pricing discount.
Agree to take part in a case study in exchange for full-proof implementation.
Ask to work with an experienced account manager.
Explore if you can introduce the software to your network in exchange for a better price.

Question 8

Q A

What's the Difference Between Fixed Asset Management and Asset Management?

Fixed asset management is the process of tracking non-current tangible assets. Enabling businesses to maximise the usability of each one. It focuses on the management of physical assets that are primarily used to help generate revenue. Such as property, plant, and machinery. As opposed to current assets, such as cash and short-term investments.

Fixed assets are long-term assets, referred to as capital assets. They have a life span of one accounting year or more. Appearing on a balance sheet as Property, Plant, and Equipment (PP&E). Two examples of PP&E are IT equipment and an office building. This is because of their physical form. Noting that they will be used to generate revenue in the next few years of operations. They can also be referred to as non-liquid assets. Meaning they can't easily be converted to cash. Whereas current assets, such as inventory, can be converted to cash or used within the year.

Fixed management tools let businesses track and record their assets. With the intention of improving life cycle management. This means, when an asset reaches the end of its usable life, there is enough data to generate an estimated salvage value based on if it was broken down and sold in parts. Or, in some cases, the data will highlight the asset is no longer valuable. Recommending that it should be disposed of without receiving payment.

Finance managers and accountants typically take an interest in knowing how assets are managed. To ensure correct management as per accounting standards. For instance, there are specific depreciation protocols to be followed with fixed assets. Especially when compared to leased assets, which are treated differently to owned assets. Because of this, the IFRS has defined specific standards to manage different types of assets. For example, IAS 16 relates to the management of property, plant and equipment.

Question 9

Q A

Who Uses Asset Management Software?

Asset Management Software provides multiple features for various tasks. Meaning a system can be used by a number of different stakeholders. For instance, an AMS solution will be used by:

Asset managers
Inventory and stock managers
Facility managers/Landlords
Technicians/Engineers
CFOs
Maintenance teams
Accountants/Financial teams

Asset Management Software is also used across a wide range of asset-heavy industries. Including small and medium businesses (SMBs)as well as large enterprises. Typical industries that benefit from digitalised asset management include:

Manufacturing
Engineering
Construction
Education
Hospitality
Chemicals
Healthcare
Oil, gas, and utilities

Question 10

Q A

How Does Asset Management Software Help with Asset Audits?

There are two types of audits:

Physical Audits
Inspection Audits

A Physical audit is a process of physically finding an asset and tagging it with a tracking label (Barcode, QR Code, RFID tag, etc.).

Essentially you are creating an asset register, which is a database with meta information about all your assets (you can read all about an asset register and why it's important here).

If you have less than 100 assets, then you can create an asset register in a spreadsheet. But, if you have more than 100 assets, then Asset Management Software can help you to build a practical and useful asset register - your one source of truth for your asset data.

Below are examples of information that Asset Management Software holds, allowing you to report on:

Current and historic location of your assets
Current and historic users of your assets
On-going maintenance activities of assets
Financial information about your assets

The above information from an asset management system will help you to trust your asset data and make quicker decisions. Thus improving your operational productivity and the accuracy of your asset reporting.

An inspection audit is a process of physically or digitally (using drones) inspecting your assets. A physical inspection typically involves scanning a label (tagged during physical audits) to validate the location and status of an asset. This is essentially a validation process.

Almost all asset management systems offer the opportunity to tag and scan assets making it easy (and paperless) to audit all your assets.

Simple features like tagging and scanning using an Asset Management Software app on your phone, taking pictures of assets, creating tickets against assets, and attaching documents, makes it easy to maintain a true asset register that you can trust.

Question 11

Q A

Is Asset Management Software Right for Small Businesses?

In the UK, small businesses are identified as a company with a workforce of fewer than 20 people. As well as an annual turnover of £1 million to £5 million. A steady flow of revenue is only achievable with assets that contribute to day-to-day operations. But, if these assets were to break down, go missing, or sit idle, annual turnovers would decline.

One solution for utilising assets is with a small business asset management system. As well as large enterprises, Asset Management Software can prove vital to a small business’s operations, too.

Though small businesses consist of only a few assets, they tend to rely heavily on limited resources. The cost of operating or replacing assets is the difference between revenue and debt. With Asset Management Software, valuable assets can be tracked and recorded. Helping to optimise and maximise their output.

By tracking assets, businesses can gain an insight into how they are used. They can understand when an asset is used and what it is used for. Effectively being able to improve lifecycle management. As well as identifying the total cost of ownership for each asset.

Small businesses can also produce maintenance and repair schedules. Helping to reduce the impact of costly unplanned downtime through preventive maintenance. Unplanned downtime is costing businesses up to $260,000 (£200,000) a year in the manufacturing industry alone.

As well as correcting downtime, asset management tools have the ability to track assets in real-time. Businesses can track and record an asset’s location, see where it was last used, and who it was last used by. This data is collected with tracking and tagging tools such as RFID tags, GPS trackers, and Barcodes. This data leads to a reduction in lost and stolen assets, which can be expensive for a small business to replace.

Question 12

Q A

Can Asset Management Software Replace Spreadsheets?

Although cost-effective, using spreadsheets to manage and track assets can prove costly. If not now, then most likely in the long-term. Spreadsheets can inflict more harm than good as a business grows.

Not only do spreadsheets lack features, but they also increase the likelihood of incorrect data. False data most commonly accumulates at the manual input stage. Occurring in the form of duplicated fields and typing errors. This type of human error can be disastrous for business. Especially smaller businesses. Human error cost UK businesses an estimated £98.6 billion in 2015 alone.

Errors become more common and undetectable as a business expands. With more assets moving in and out of the workplace, the process of logging data intensifies. Spreadsheets also have a lack of usability and accessibility. As well as giving no indication as to who or how many users have updated a file. There is also no audit trail, making it difficult to keep accurate counts of inventory.

Asset Management Software excels as a spreadsheet alternative. A tool with tracking capabilities can help reduce errors and improve the accuracy of data. Accessibility is enhanced through the use of cloud-based technology, too. Alerting managers and employees when data has been edited or updated.

Question 13

Q A

What Is Asset Life Cycle and How Is It Measured With Asset Management Tools?

An asset management system lets businesses observe, track, and maintain assets throughout their entire lifecycle. This is asset lifecycle management; a process to extend the usable life of an asset. While also maintaining optimum performance levels.

Collecting asset lifecycle data helps businesses to grasp the total cost of ownership. While also understanding how each asset can be utilised in day-to-day operations. With this data, a business can determine when an ageing asset is deteriorating. Allowing asset managers to calculate depreciation value. Essentially helping to reduce future spending by effectively planning for its disposal.

The asset lifecycle can be split into four stages:

Planning

Planing can be viewed as a simple, yet crucial, stage of the asset lifecycle process. It is a stage that analyses trends and evaluates data from existing assets. Businesses can generate reports and accurately understand the need for acquiring a new asset.

Acquisition

Once an asset has been identified, it is acquired and installed. The process of tracking and managing the asset then begins at an early stage. Effectively collecting accurate data for any other future acquisitions.

Operation and Maintenance

After an asset is installed, it can begin to perform its operational duties. If all goes well, this stage will be an asset's most prolonged in its lifecycle. To help extend an asset’s operational life, a maintenance and repair schedule is needed. This can be achieved through preventive, active, reactive, or emergency maintenance.

Renewal/Disposal

Finally, at the end of its lifecycle, an asset is either sold, re-purposed, thrown away or recycled. Businesses can understand an asset’s total cost of ownership and decide whether to dispose of or replace it. The data may highlight that the asset is no longer valuable and should be scrapped. Either by dismantling it and selling it for parts or disposing of it without receiving any payment. If there is still a purpose for the asset, a replacement can be purchased and the lifecycle begins again.

Question 14

Q A

What Are the Benefits of Open-Source Asset Management Software?

Open source Asset Management Software can be modified, inspected and enhanced to match operational needs. This is possible when a software vendor grants access through the purchase of a licence. With most open-source software, changes can be made by editing and adding lines of code in the source code.

By having access to the source code, businesses can essentially edit the platform and create their own version. As opposed to proprietary, or closed software, which allows only the author to alter the software. With access, in-house programmers are able to customise layouts and even improve security and privacy. All while adding a personal brand to make the system more familiar with your team.

There are various benefits of an open-source asset management solution. With an increase in security being one main advantage. If an employee discovers a security flaw or bug in the source code, in-house teams can provide an instant fix. Whereas with closed software, businesses may have to wait for the vendor to make any critical changes.

Other advantages of open source software include customising fields, tabs, reports, and user roles. It also lets businesses edit user entries. Allowing teams and departments access to information that may not be available to others.

Question 15

Q A

Can Asset management Software Work With a Mobile Device?

Mobile devices have become a common feature in the workplace and with asset management solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of using Asset Management Software on mobile devices is the ease of accessibility. Always attached to a person, a mobile device is likely to always be within arms reach. Employees can also have regular access to an asset register. Whether on-site or in the field.

An asset register will include essential data that can be updated and edited from anywhere. This is handy for field employees who are working away from the office. It can also be used in businesses that have multiple site locations. Such as construction and logistics companies.

With built-in radio antennas, mobile devices can be configured to act as a receiver. Allowing them to communicate with devices like RFID tags and Bluetooth receivers. This gives access to real-time data and can be used to track an asset’s location. A smartphone’s hardware features, such as a camera, also has the ability to scan Barcodes and QR codes.

Other benefits to mobile asset management include alerts for asset availability. This can be useful if a business is operating an equipment checkout system. As well as knowing the status of work orders, and having instant access to reports and budgets.

Question 16

Q A

What’s the Difference Between Asset Management and Inventory Management?

Assets and inventory are essential when it comes to generating revenue. Whether that be raw materials, stock, fleets, machinery, or employees. But, deciding on the best way to manage them and choosing the right software management tool can be tricky. That’s why it’s important to define what assets and inventory are:

Assets are what you own
Inventory is what you sell

Before implementing either type of software, it’s important to understand the stakeholder’s needs. For example, one essential stakeholder would be an asset manager. An asset manager would need access to the right tools to carry out their responsibilities. The role of an asset manager includes:

Identifying and quantifying risks
Assigning assets
Providing evidence for compliance
Monitoring and reporting on individual assets
Forecasting future procurements

Benefits of an Asset Management System

Implementing Asset Management Software lets businesses track, monitor, and analyse the things they own; assets. An effective system will provide the tools to make the most cost-effective decisions when it comes to acquiring. As well as maintaining and disposing of assets. Resulting in an improved ROI for each asset. Typical benefits include:

Real-time asset life cycle tracking
Monitor and collect accurate data
Forecast future procurements and budgets
Reduce maintenance costs and unplanned downtime

Benefits of an Inventory Management System

An inventory management system incorporates both raw materials and finished products. Inventory managers can track, maintain, and control stock levels. As well as automate ordering processes to keep within stock level thresholds. Effective management is essential for businesses who rely on sales to increase their bottom line. Typical benefits include:

Reducing replacement costs for lost or stolen inventory
Maintaining stock levels to keep up with demand
Automate manual tasks such as stock-taking and ordering
Avoid over-ordering of stock

Question 17

Q A

All Asset Management Software Look the Same - What Is the Best Way to Compare Systems?

The time will come when, after weeks of searching and enquiring, all Asset Management Software looks similar. But, with our specialised algorithms and comparison tools, we can help. Comparesoft provides a list of the best asset management solutions that match a business's needs.

Our goal is to eliminate the painful process of search and comparison, making it as simple as possible. By providing us with requirements, we will help to find the right solution for every business.

We take a business's information and compile a catalogue of product results within minutes. This is based on a business's asset types, quantity, and industry. Businesses take a deeper look into each product with our information-packed profile pages. As well as shortlist and compare products against each other.

Before we list any Asset Management Software system, we ask each vendor to demo their product to us. This way, we can ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data. As well as feedback from past customers who have used the product.

	On-Premise	Cloud-Based
Asset Register	Excel Import/Export and manual data entry to maintain an accurate asset register.	Fundamentally the same as an on-premise system. However, if you plan to use internet-enabled equipment and machinery then any data they transmit to a cloud can be imported into your cloud asset management system. Some equipment can also be directly connected to your cloud asset management system.
Asset Inventory and Audit	Most suited when you do not require direct access to the system. i.e. audit via a handheld device or manual audits.	Most suited if you need access to the system on a smartphone or internet-enabled device. Since cloud-based systems are web-friendly, they adapt efficiently with devices of different screen sizes.
Asset Tracking	RFID, Barcoding and NFC tracking are efficient and well-proven. Internet-enabled tracking can require additional administration.	In addition to RFID, Barcoding and NFC tracking, internet-enabled tracking is inherently easier.
Planned and Preventative Maintenance	Planning and Scheduling, Work Orders, Job Orders, Scheduling maintenance visits and inspections are well-proven and efficient features. If you plan to use internet-enabled machinery and equipment then you may need to investigate how an on-premise system can collect data from the internet-enabled devices.	Browser-driven access on multi-screen devices gives cloud-based systems an edge, particularly when you require multiple-teams to co-ordinate in real-time.
Reporting	Server threshold levels can mean large reports may take time to run	Elastic capabilities of cloud servers mean faster runtime
Interface	On-premise systems are feature-rich and quite often more flexible and configurable than a cloud-based system. However, User Interface and User Experience can be dated.	HMTL- and CSS-led technologies make the cloud system easier on the eye. Also, the User Interface and User Experience tends to be modern.
Changing workflows and processes	Bespoke Changes tend to be easier as the system can be tailored to your needs	Bespoke Changes tend to be expensive and difficult to administer.
System Configuration and Business Continuity	Bespoke development is cheaper and easier to maintain in the long run. Access is dependent on your server uptime.	Bespoke development can be expensive and may require some administration to maintain Access is dependent on internet and your cloud provider’s server
Ownership	The data, the software and the server belongs to you	Only the data belongs to you. You are renting the software and server to hold your data
Cyber Security	Fewer recorded instances of breaches on on-premise systems. Please note hackers can access your network and get into your servers via the internet, so no system is 100% cyber safe.	Cloud hacks are widely reported. Typically, your cloud provider is more knowledgeable and better equipped and to handle a cyber breach situation.
Costs and Lock-Ins	Higher initial outlay but tends to be the cheaper option if you calculate all the costs for five years	It is important to appreciate that you do not own the software and space where you hold your data. Typically, lower initial outlay but overall tend to be expensive.

Easily Shortlist and Compare Asset Management Software That Meets Your Facilities & Equipment Management Requirements